In the domestic markets, gold continues to shed for the second straight day on Thursday. In the Mumbai retail market, prices shed by Rs. 498, while on the MCX also in the futures market, the prices declined by Rs. 148 or 0.30 percent to 49112, while silver gained marginally to Rs. 63575 per kg.
The decline is being seeing in the metal price for now as equity market cheer as well as optimism around Covid 19 vaccine is luring investors' to riskier assets, and reducing safe haven appeal of gold.
Other reasons dragging gold price are dollar's strength which is rising for the fourth successive session and as there is no progress in the US stimulus.
In today's trade (December 11, 2020), gold prices are likely to see a surge as there is surfacing a dispute between Australia and China. This is after after Beijing said it would temporarily impose anti-subsidy fees on some Australian wine imports from Dec. 11.